Management Report

In the Group Management Report we outline the economic operating conditions
and how they influence the business and development of the Commerzbank
Group. In the 2008 financial year the Group result was noticeably
affected by the worsening financial crisis.

The environment will remain strained in 2009 as we aim to use the integration
of Dresdner Bank to further expand our stable customer business as
a means of significantly improving our market position.